Abu Dhabi’s flagship Murban crude has sold at a discount in Asia to its official selling price (OSP) for four straight months – the longest stretch in nearly two years – as buyers opt for cheaper U.S. and European supplies, according to trade sources and Refinitiv data. Cargoes bought for loading in the first four months of 2019 were sold at discounts ranging from 5 cents to 40 cents a barrel, even as producer Abu Dhabi National Oil Company (ADNOC) cut the grade’s benchmark price for four consecutive months. Murban is the most liquid light-sour oil in Asia’s physical spot crude market. The discounts were unusually steep for this time of the year as Asian refiners typically process more light grades to increase diesel and kerosene output for heating during winter. However, Asia has experienced an influx of cheaper light oil from the United States as […]